GICS Industry : Text., App. & Luxury Goods | Sub Industry : App., Acc. & Luxury Goods | Website : www.atlasjewelleryindia.com Atlas Limited Report Date: 30 Mar 2016

Key Stock Indicators

BSE Ticker : 514394 CMP as on 28 Mar 2016­Rs/share : 20.4 Shares outstanding (mn) : 100.7 Bloomberg Ticker : AJLI:IN 52 week range up to 28 Mar 2016 (Rs)(H/L) : 101.7/15.9 Free Float (%) : 48.7 Face value per share : 10.0 Market Cap as on 28 Mar 2016 (Rs mn) : 2,048 Average daily volumes (12 months) : 3,047 Div.Yield (%): 0.0 Enterprise Value as on 28 Mar 2016 (Rs mn) : 2,033 Beta : 1.0

Background Key Financial & Valuation Indicators

Incorporated in 1989, Atlas Jewellery India Limited (AJIL) is an exporter of jewellery and MAR­13 MAR­14 MAR­15 domestic trader of gold jewellery and other precious metal ornaments. The company Revenue (Rs mn) 0 730 2,006 exports its products to the . PAT (Rs mn) 0 16 32 EPS (Rs/share) 0.2 0.3 The group is promoted by Dr. M.M. Ramachandran. Formerly Gee El Woollens Limited, the PE (x) 173.4 266.1 company changed its name to Atlas Jewellery India Limited in August 2013. P/BV (x) 91.5 3.9 4.9 RoE (%) ­ 4.3 2.6 Its broad business areas include gold jewellery and diamond jewellery, with the former being EV/EBITDA (x) n.m. 157.3 144.4 the dominant segment. The company has showrooms in India, stores in the Gulf Cooperation Source: Company, CRISIL Research | n.m. : Not meaningful. Council (GCC), and an online platform as well, with exports providing ~95% of revenue. Stock Performance vis­a­vis Market Key Highlights Returns (%) YTD 1­m 3­m 12­m

New retail showrooms in South India Atlas Jewellery India ­77 2 16 ­75 Limited In 2015­16, the company has opened two retail showrooms at North Usman Road, Chennai, and Dispensary Road, Bengaluru, where demand for gold and jewellery items has been SENSEX ­12 9 ­4 ­11 traditionally high. 1) YTD returns are since Apr 1, 2015 to Mar 28, 2016. 2) 1­m, 3­m and 12­m returns are up to Mar 28, 2016 Showrooms in Bangalore and Mumbai Shareholding (As on December 31, 2015) In 2014­15, the company launched two showrooms in Bengaluru and Mumbai, in Phoenix City Market and Haware Infotech Park, respectively. Increase in paid­up capital The company has an authorised share capital of Rs 200 crores, and, in July 2014, it increased paid­up capital from Rs 50.65 crores to Rs 100.65 crores, with the promoter bringing in Rs 100 crores.

Pledged shares (As on December 31, 2015) Key Risks As a % of promoter holding 0.0 As a % of total shares 0.0 ­Fluctuations in foreign exchange rates. ­Geographical concentration towards the Middle East. Share Price Chart (Indexed to 100)

Source: BSE, CRISIL Research

Page 1 Initiative of the BSE Investors’ Protection Fund

Competitive Position

Peer Comparison Atlas Jewellery India Goldiam International Shree Ganesh Jewellery House Swarnsarita Gems Limited Ltd. Limited Limited Mar­15 Mar­15 Mar­15 Mar­15 Revenue (Rs mn) 2,006 3,218 3,110 2,411 EBITDA margins (%) 2.9 8.9 47.8 2.4 PAT (Rs mn) 32 219 ­8,022 32 PAT margins (%) 1.6 6.8 ­258.0 1.3 Gearing (x) ­ 0.3 11.4 0.6 EPS (Rs/share) 0.3 8.8 ­111.6 1.5 PE (x) 266.1 2.5 n.m. 18.8 P/BV (x) 4.9 0.2 0.3 0.7 RoCE (%) 4.1 9.2 1.9 7.7 RoE (%) 2.6 8.3 n.m. 4.1 EV/EBITDA (x) 144.4 4.1 21.8 16.1

n.m: Not meaningful Source: Company, CRISIL Research

Financial Profile Financial Performance Mar­13 Mar­14 Mar­15 Revenue (Rs mn) 0 730 2,006 Revenue surged 175% to Rs 2,006 mn in 2014­15 from Rs 730 mn in 2013­14, Revenue growth (%) ­ ­ 174.9 due to growth in gold jewellery exports to the Middle East. EBITDA (Rs mn) 0 18 58 EBITDA growth (%) n.m. n.m. 227.5 EBITDA increased to Rs 58 mn in 2014­15, from Rs 18 mn in 2013­14, and EBITDA margins (%) ­ 2.4 2.9 EBITDA margin improved slightly to 2.9% from 2.4%. PAT (Rs mn) 0 16 32 PAT growth (%) n.m. n.m. 95.7 Driven by increase in EBITDA, PAT grew almost doubled to Rs. 32 mn in 2014­15 PAT margins (%) ­ 2.2 1.6 from Rs 16 mn in 2013­14. Gearing (x) ­ ­ ­ RoCE (%) ­ 4.7 4.1 RoE (%) ­ 4.3 2.6 Source: Company, CRISIL Research

Industry Outlook Gems and Jewellery

The size of the domestic gems and jewellery industry is estimated at Rs 4,904 billion as of 2014­15. It is highly fragmented and dominated by the unorganised sector. Over the years, the share of diamond jewellery has increased, as a rise in disposable income has made diamond­studded jewellery slightly more affordable. However, gold still constitutes over 85% of domestic consumption. In exports, players not only face competition from other local peers, but also from players in other countries.

Over the past three years, the industry has grown at about 3% CAGR, led by volumes, as gold prices have been falling (since 2013­14) due to declining investment demand. In 2015­16, domestic demand is expected to rise 6­8%, prompted by jewellery sales, whereas sales of gold bars and coins are expected to continue to lag. Exports are estimated to fall nearly 6% due to a steep decline in investment demand for gold and a fall in exports of cut and polished diamonds. However, a volume­led recovery in jewellery exports is likely to partially cushion the overall decline.

Exporters' margins are likely to recover in 2015­16, powered by declining rough diamond prices and reduction in gold jewellery round­tripping. A decline in gold prices will also boost margins. However, domestic players' margins will remain under pressure, as companies will have to increase their marketing spending, with gold prices falling consistently.

Annual Results Income statement Balance Sheet (Rs million) Mar­13 Mar­14 Mar­15 (Rs million) Mar­13 Mar­14 Mar­15 Net Sales 0 730 2,006 Equity share capital 43 550 1,007 Operating Income 0 730 2,006 Reserves and surplus ­25 177 705 Tangible net worth 18 728 1,712 EBITDA 0 18 58 Deferred tax liability:(asset) 0 0 ­1 EBITDA Margins (%) 0.0 2.4 2.9 Long­term debt 0 0 0 Short­term­debt 0 4 0 Depreciation 0 0 8 Total debt 0 4 0 Interest 0 0 3 Current liabilities 0 19 194 Other Income 0 0 0 Total provisions 0 0 2 Total liabilities 18 751 1,907 PBT 0 18 48 Gross block 0 0 67 PAT 0 16 32 Net fixed assets 0 0 138 Investments 0 0 0 PAT Margins (%) 0.0 2.2 1.6 Current assets 18 751 1,769 Receivables 0 723 1,405 No.of shares (mn no.) 101.0 101.0 101.0 Inventories 0 0 330 Cash 0 12 15 Earning per share (EPS) 0.2 0.3 Total assets 18 751 1,907

Cash flow Ratios (Rs million) Mar­13 Mar­14 Mar­15 Mar­13 Mar­14 Mar­15 Pre­tax Profit 0 18 48 Revenue growth (%) ­ ­ 174.9 Total tax paid 0 ­1 ­17 EBITDA growth (%) n.m. n.m. 227.5 Depreciation 0 0 8 PAT growth (%) n.m. n.m. 95.7 EBITDA margins (%) ­ 2.4 2.9 Change in working capital 3 ­702 ­838 Tax Rate (%) ­ 7.7 35.9 Cash flow from operating activities 3 ­685 ­799 PAT margins (%) ­ 2.2 1.6 Capital expenditure 0 0 ­146 Investments and others 0 0 0 Dividend payout (%) ­ ­ ­ Cash flow from investing activities 0 0 ­146 Dividend per share (Rs) ­ ­ ­ BV (Rs) 0.2 7.2 17.0 Equity raised/(repaid) 0 650 1,000 Return on Equity (%) ­ 4.3 2.6 Debt raised/(repaid) ­3 4 ­4 Return on Capital employed (%) ­ 4.7 4.1 Dividend (incl. tax) 0 0 0 Others (incl extraordinaries) ­1 43 ­47 Gearing (x) ­ ­ ­ Cash flow from financing activities ­4 697 949 Interest coverage (x) ­ 74.5 20.0 Debt/EBITDA (x) ­ 0.2 ­ Change in cash position ­1 12 4 Opening cash 0 0 12 Asset turnover (x) ­ 2066.3 59.1 Closing cash 0 12 15 Current ratio (x) ­4.4 39.9 9.0 n.m.: Not meaningful Gross current assets (days) 0 368 320 Source: Company, CRISIL Research

Quarterly Results

Profit and loss account QoQ YoY YTD YTD YoY (Rs million) Dec­14 Sep­15 Dec­15 Growth (%) Growth (%) Dec­14 Dec­15 Growth (%) No of Months 3 3 3 9 9 Revenue 17 48 22 ­54.1 29.4 1,757 119 ­93.2 EBITDA ­15 ­31 ­20 n.m. n.m. 66 ­72 n.m. Interest 1 0 0 ­ ­100.0 2 1 ­50.0 Depreciation 0 7 9 28.5 ­ 0 22 ­ PBT ­12 3 ­17 n.m. n.m. 69 ­18 n.m. PAT ­15 2 ­13 n.m. n.m. 39 ­14 n.m. Source: Company, CRISIL Research | n.m. : Not meaningful

Focus Tables

Board of Directors SN Director Name Designation SN Director Name Designation 1 Dr. M M Ramachandran Chairman 5 Mr. Shrirang Vasant Khadilkar Independent Director Mr. Nanda Kumaran 2 Managing Director 6 Mr. Lukoo Sugunan M Independent Director Puthezhath 3 Mr. Sunil Pant Independent Director 7 Mrs. Indira Ramachandran Non Executive Director 4 Mr. Supratik Chatterjee Independent Director 8 Mr. Ajith K M Non Executive Director

Source: BSE, CRISIL Research.

List of non­promoter shareholders having more than 1% holding Contingent Liabilities Name of the Shareholder As on Dec­2015 (Rs million) As on Mar­2015 Al Mareija Precious Metal And Bullions(Fze) 12.4 Commitment on capital account 0 Al Layyah General Trading (Fze) 12.1 Guarantees for operations 0 Mankool General Trading (Fze) 12.0 Guarantees on behalf of Subsidiaries :affiliates 0 Al Juraina Precious Metals And Bullion (Fze) 9.6 Other Claims against the company not acknowledged 0 TOTAL 46.1 as debt Others 0 Source: BSE, CRISIL Research Total 0

Source: Company, CRISIL Research

Auditor's Qualification

The company's auditors have not reported any/major qualifications for the financial period under review.

Note

Financials have been reclassified as per CRISIL standards.

Analytical Contact

Bhaskar Bukrediwala ­ Associate Director, CRISIL Research Phone no: +91 22 33421983; Email ID: [email protected]

Disclaimer

This report (Report) has been prepared by Research Division of CRISIL Limited (“CRISIL”). By accessing the Report the user acknowledges and accepts the following: The Report is (i) based on publicly available information or from sources considered reliable by CRISIL (ii) not intended to and does not constitute an investment, legal, accounting or tax advice or any solicitation, whatsoever (iii) not an audit or due diligence nor a recommendation of any sort whether to hold, invest in or divest from any securities, instruments or facilities of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains (iv) not a substitute for the skill, judgment and experience of the user for making any decisions. CRISIL does not (i) guarantee the accuracy, completeness or adequacy of the Report (ii) undertake independent verification of any information included in the Report (iii) assume obligation to keep the Report under ongoing surveillance following publication in any form. Access or use of this Report does not create a client relationship between CRISIL and the user. Opinions, if any, are in good faith, as on the date of issue, and are subject to change without notice. CRISIL (including its affiliates, third party providers, its directors, officers, shareholders, employees or agents) DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall CRISIL be liable to any party for any claim, including without limitation, whether direct, indirect, incidental, punitive, special or consequential damages, costs, expenses or losses in connection with any use of the Report even if advised of the possibility of such damages. This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL. For information please contact 'Client Servicing' at +91­22­33423561, or via e­mail: [email protected].

© 2016 CRISIL Limited, all rights reserved. GICS Industry : Text., App. & Luxury Goods | Sub Industry : App., Acc. & Luxury Goods | Website : www.atlasjewelleryindia.com Atlas Jewellery India Limited Report Date: 30 Mar 2016

Key Stock Indicators

BSE Ticker : 514394 CMP as on 28 Mar 2016­Rs/share : 20.4 Shares outstanding (mn) : 100.7 Bloomberg Ticker : AJLI:IN 52 week range up to 28 Mar 2016 (Rs)(H/L) : 101.7/15.9 Free Float (%) : 48.7 Face value per share : 10.0 Market Cap as on 28 Mar 2016 (Rs mn) : 2,048 Average daily volumes (12 months) : 3,047 Div.Yield (%): 0.0 Enterprise Value as on 28 Mar 2016 (Rs mn) : 2,033 Beta : 1.0

Background Key Financial & Valuation Indicators

Incorporated in 1989, Atlas Jewellery India Limited (AJIL) is an exporter of gold jewellery and MAR­13 MAR­14 MAR­15 domestic retail trader of gold jewellery and other precious metal ornaments. The company Revenue (Rs mn) 0 730 2,006 exports its products to the Middle East. PAT (Rs mn) 0 16 32 EPS (Rs/share) 0.2 0.3 The group is promoted by Dr. M.M. Ramachandran. Formerly Gee El Woollens Limited, the PE (x) 173.4 266.1 company changed its name to Atlas Jewellery India Limited in August 2013. P/BV (x) 91.5 3.9 4.9 RoE (%) ­ 4.3 2.6 Its broad business areas include gold jewellery and diamond jewellery, with the former being EV/EBITDA (x) n.m. 157.3 144.4 the dominant segment. The company has showrooms in India, stores in the Gulf Cooperation Source: Company, CRISIL Research | n.m. : Not meaningful. Council (GCC), and an online platform as well, with exports providing ~95% of revenue. Stock Performance vis­a­vis Market Key Highlights Returns (%) YTD 1­m 3­m 12­m

New retail showrooms in South India Atlas Jewellery India ­77 2 16 ­75 Limited In 2015­16, the company has opened two retail showrooms at North Usman Road, Chennai, and Dispensary Road, Bengaluru, where demand for gold and jewellery items has been SENSEX ­12 9 ­4 ­11 traditionally high. 1) YTD returns are since Apr 1, 2015 to Mar 28, 2016. 2) 1­m, 3­m and 12­m returns are up to Mar 28, 2016 Showrooms in Bangalore and Mumbai Shareholding (As on December 31, 2015) In 2014­15, the company launched two showrooms in Bengaluru and Mumbai, in Phoenix City Market and Haware Infotech Park, respectively. Increase in paid­up capital The company has an authorised share capital of Rs 200 crores, and, in July 2014, it increased paid­up capital from Rs 50.65 crores to Rs 100.65 crores, with the promoter bringing in Rs 100 crores.

Pledged shares (As on December 31, 2015) Key Risks As a % of promoter holding 0.0 As a % of total shares 0.0 ­Fluctuations in foreign exchange rates. ­Geographical concentration towards the Middle East. Share Price Chart (Indexed to 100)

Source: BSE, CRISIL Research

Competitive Position

Peer Comparison Atlas Jewellery India Goldiam International Shree Ganesh Jewellery House Swarnsarita Gems Limited Ltd. Limited Limited Mar­15 Mar­15 Mar­15 Mar­15 Revenue (Rs mn) 2,006 3,218 3,110 2,411 EBITDA margins (%) 2.9 8.9 47.8 2.4 PAT (Rs mn) 32 219 ­8,022 32 PAT margins (%) 1.6 6.8 ­258.0 1.3 Gearing (x) ­ 0.3 11.4 0.6 EPS (Rs/share) 0.3 8.8 ­111.6 1.5 PE (x) 266.1 2.5 n.m. 18.8 P/BV (x) 4.9 0.2 0.3 0.7 RoCE (%) 4.1 9.2 1.9 7.7 RoE (%) 2.6 8.3 n.m. 4.1 EV/EBITDA (x) 144.4 4.1 21.8 16.1

n.m: Not meaningful Source: Company, CRISIL Research

Financial Profile Financial Performance Mar­13 Mar­14 Mar­15 Revenue (Rs mn) 0 730 2,006 Revenue surged 175% to Rs 2,006 mn in 2014­15 from Rs 730 mn in 2013­14, Revenue growth (%) ­ ­ 174.9 due to growth in gold jewellery exports to the Middle East. EBITDA (Rs mn) 0 18 58 EBITDA growth (%) n.m. n.m. 227.5 EBITDA increased to Rs 58 mn in 2014­15, from Rs 18 mn in 2013­14, and EBITDA margins (%) ­ 2.4 2.9 EBITDA margin improved slightly to 2.9% from 2.4%. PAT (Rs mn) 0 16 32 PAT growth (%) n.m. n.m. 95.7 Driven by increase in EBITDA, PAT grew almost doubled to Rs. 32 mn in 2014­15 PAT margins (%) ­ 2.2 1.6 from Rs 16 mn in 2013­14. Gearing (x) ­ ­ ­ RoCE (%) ­ 4.7 4.1 RoE (%) ­ 4.3 2.6 Source: Company, CRISIL Research

Industry Outlook Gems and Jewellery

The size of the domestic gems and jewellery industry is estimated at Rs 4,904 billion as of 2014­15. It is highly fragmented and dominated by the unorganised sector. Over the years, the share of diamond jewellery has increased, as a rise in disposable income has made diamond­studded jewellery slightly more affordable. However, gold still constitutes over 85% of domestic consumption. In exports, players not only face competition from other local peers, but also from players in other countries.

Over the past three years, the industry has grown at about 3% CAGR, led by volumes, as gold prices have been falling (since 2013­14) due to declining investment demand. In 2015­16, domestic demand is expected to rise 6­8%, prompted by jewellery sales, whereas sales of gold bars and coins are expected to continue to lag. Exports are estimated to fall nearly 6% due to a steep decline in investment demand for gold and a fall in exports of cut and polished diamonds. However, a volume­led recovery in jewellery exports is likely to partially cushion the overall decline.

Exporters' margins are likely to recover in 2015­16, powered by declining rough diamond prices and reduction in gold jewellery round­tripping. A decline in gold prices will also boost margins. However, domestic players' margins will remain under pressure, as companies will have to increase their marketing spending, with gold prices falling consistently.

Page 2 Initiative of the BSE Investors’ Protection Fund Annual Results Income statement Balance Sheet (Rs million) Mar­13 Mar­14 Mar­15 (Rs million) Mar­13 Mar­14 Mar­15 Net Sales 0 730 2,006 Equity share capital 43 550 1,007 Operating Income 0 730 2,006 Reserves and surplus ­25 177 705 Tangible net worth 18 728 1,712 EBITDA 0 18 58 Deferred tax liability:(asset) 0 0 ­1 EBITDA Margins (%) 0.0 2.4 2.9 Long­term debt 0 0 0 Short­term­debt 0 4 0 Depreciation 0 0 8 Total debt 0 4 0 Interest 0 0 3 Current liabilities 0 19 194 Other Income 0 0 0 Total provisions 0 0 2 Total liabilities 18 751 1,907 PBT 0 18 48 Gross block 0 0 67 PAT 0 16 32 Net fixed assets 0 0 138 Investments 0 0 0 PAT Margins (%) 0.0 2.2 1.6 Current assets 18 751 1,769 Receivables 0 723 1,405 No.of shares (mn no.) 101.0 101.0 101.0 Inventories 0 0 330 Cash 0 12 15 Earning per share (EPS) 0.2 0.3 Total assets 18 751 1,907

Cash flow Ratios (Rs million) Mar­13 Mar­14 Mar­15 Mar­13 Mar­14 Mar­15 Pre­tax Profit 0 18 48 Revenue growth (%) ­ ­ 174.9 Total tax paid 0 ­1 ­17 EBITDA growth (%) n.m. n.m. 227.5 Depreciation 0 0 8 PAT growth (%) n.m. n.m. 95.7 EBITDA margins (%) ­ 2.4 2.9 Change in working capital 3 ­702 ­838 Tax Rate (%) ­ 7.7 35.9 Cash flow from operating activities 3 ­685 ­799 PAT margins (%) ­ 2.2 1.6 Capital expenditure 0 0 ­146 Investments and others 0 0 0 Dividend payout (%) ­ ­ ­ Cash flow from investing activities 0 0 ­146 Dividend per share (Rs) ­ ­ ­ BV (Rs) 0.2 7.2 17.0 Equity raised/(repaid) 0 650 1,000 Return on Equity (%) ­ 4.3 2.6 Debt raised/(repaid) ­3 4 ­4 Return on Capital employed (%) ­ 4.7 4.1 Dividend (incl. tax) 0 0 0 Others (incl extraordinaries) ­1 43 ­47 Gearing (x) ­ ­ ­ Cash flow from financing activities ­4 697 949 Interest coverage (x) ­ 74.5 20.0 Debt/EBITDA (x) ­ 0.2 ­ Change in cash position ­1 12 4 Opening cash 0 0 12 Asset turnover (x) ­ 2066.3 59.1 Closing cash 0 12 15 Current ratio (x) ­4.4 39.9 9.0 n.m.: Not meaningful Gross current assets (days) 0 368 320 Source: Company, CRISIL Research

Quarterly Results

Profit and loss account QoQ YoY YTD YTD YoY (Rs million) Dec­14 Sep­15 Dec­15 Growth (%) Growth (%) Dec­14 Dec­15 Growth (%) No of Months 3 3 3 9 9 Revenue 17 48 22 ­54.1 29.4 1,757 119 ­93.2 EBITDA ­15 ­31 ­20 n.m. n.m. 66 ­72 n.m. Interest 1 0 0 ­ ­100.0 2 1 ­50.0 Depreciation 0 7 9 28.5 ­ 0 22 ­ PBT ­12 3 ­17 n.m. n.m. 69 ­18 n.m. PAT ­15 2 ­13 n.m. n.m. 39 ­14 n.m. Source: Company, CRISIL Research | n.m. : Not meaningful

Focus Tables

Board of Directors SN Director Name Designation SN Director Name Designation 1 Dr. M M Ramachandran Chairman 5 Mr. Shrirang Vasant Khadilkar Independent Director Mr. Nanda Kumaran 2 Managing Director 6 Mr. Lukoo Sugunan M Independent Director Puthezhath 3 Mr. Sunil Pant Independent Director 7 Mrs. Indira Ramachandran Non Executive Director 4 Mr. Supratik Chatterjee Independent Director 8 Mr. Ajith K M Non Executive Director

Source: BSE, CRISIL Research.

List of non­promoter shareholders having more than 1% holding Contingent Liabilities Name of the Shareholder As on Dec­2015 (Rs million) As on Mar­2015 Al Mareija Precious Metal And Bullions(Fze) 12.4 Commitment on capital account 0 Al Layyah General Trading (Fze) 12.1 Guarantees for operations 0 Mankool General Trading (Fze) 12.0 Guarantees on behalf of Subsidiaries :affiliates 0 Al Juraina Precious Metals And Bullion (Fze) 9.6 Other Claims against the company not acknowledged 0 TOTAL 46.1 as debt Others 0 Source: BSE, CRISIL Research Total 0

Source: Company, CRISIL Research

Auditor's Qualification

The company's auditors have not reported any/major qualifications for the financial period under review.

Note

Financials have been reclassified as per CRISIL standards.

Analytical Contact

Bhaskar Bukrediwala ­ Associate Director, CRISIL Research Phone no: +91 22 33421983; Email ID: [email protected]

Disclaimer

This report (Report) has been prepared by Research Division of CRISIL Limited (“CRISIL”). By accessing the Report the user acknowledges and accepts the following: The Report is (i) based on publicly available information or from sources considered reliable by CRISIL (ii) not intended to and does not constitute an investment, legal, accounting or tax advice or any solicitation, whatsoever (iii) not an audit or due diligence nor a recommendation of any sort whether to hold, invest in or divest from any securities, instruments or facilities of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains (iv) not a substitute for the skill, judgment and experience of the user for making any decisions. CRISIL does not (i) guarantee the accuracy, completeness or adequacy of the Report (ii) undertake independent verification of any information included in the Report (iii) assume obligation to keep the Report under ongoing surveillance following publication in any form. Access or use of this Report does not create a client relationship between CRISIL and the user. Opinions, if any, are in good faith, as on the date of issue, and are subject to change without notice. CRISIL (including its affiliates, third party providers, its directors, officers, shareholders, employees or agents) DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall CRISIL be liable to any party for any claim, including without limitation, whether direct, indirect, incidental, punitive, special or consequential damages, costs, expenses or losses in connection with any use of the Report even if advised of the possibility of such damages. This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL. For information please contact 'Client Servicing' at +91­22­33423561, or via e­mail: [email protected].

© 2016 CRISIL Limited, all rights reserved. GICS Industry : Text., App. & Luxury Goods | Sub Industry : App., Acc. & Luxury Goods | Website : www.atlasjewelleryindia.com Atlas Jewellery India Limited Report Date: 30 Mar 2016

Key Stock Indicators

BSE Ticker : 514394 CMP as on 28 Mar 2016­Rs/share : 20.4 Shares outstanding (mn) : 100.7 Bloomberg Ticker : AJLI:IN 52 week range up to 28 Mar 2016 (Rs)(H/L) : 101.7/15.9 Free Float (%) : 48.7 Face value per share : 10.0 Market Cap as on 28 Mar 2016 (Rs mn) : 2,048 Average daily volumes (12 months) : 3,047 Div.Yield (%): 0.0 Enterprise Value as on 28 Mar 2016 (Rs mn) : 2,033 Beta : 1.0

Background Key Financial & Valuation Indicators

Incorporated in 1989, Atlas Jewellery India Limited (AJIL) is an exporter of gold jewellery and MAR­13 MAR­14 MAR­15 domestic retail trader of gold jewellery and other precious metal ornaments. The company Revenue (Rs mn) 0 730 2,006 exports its products to the Middle East. PAT (Rs mn) 0 16 32 EPS (Rs/share) 0.2 0.3 The group is promoted by Dr. M.M. Ramachandran. Formerly Gee El Woollens Limited, the PE (x) 173.4 266.1 company changed its name to Atlas Jewellery India Limited in August 2013. P/BV (x) 91.5 3.9 4.9 RoE (%) ­ 4.3 2.6 Its broad business areas include gold jewellery and diamond jewellery, with the former being EV/EBITDA (x) n.m. 157.3 144.4 the dominant segment. The company has showrooms in India, stores in the Gulf Cooperation Source: Company, CRISIL Research | n.m. : Not meaningful. Council (GCC), and an online platform as well, with exports providing ~95% of revenue. Stock Performance vis­a­vis Market Key Highlights Returns (%) YTD 1­m 3­m 12­m

New retail showrooms in South India Atlas Jewellery India ­77 2 16 ­75 Limited In 2015­16, the company has opened two retail showrooms at North Usman Road, Chennai, and Dispensary Road, Bengaluru, where demand for gold and jewellery items has been SENSEX ­12 9 ­4 ­11 traditionally high. 1) YTD returns are since Apr 1, 2015 to Mar 28, 2016. 2) 1­m, 3­m and 12­m returns are up to Mar 28, 2016 Showrooms in Bangalore and Mumbai Shareholding (As on December 31, 2015) In 2014­15, the company launched two showrooms in Bengaluru and Mumbai, in Phoenix City Market and Haware Infotech Park, respectively. Increase in paid­up capital The company has an authorised share capital of Rs 200 crores, and, in July 2014, it increased paid­up capital from Rs 50.65 crores to Rs 100.65 crores, with the promoter bringing in Rs 100 crores.

Pledged shares (As on December 31, 2015) Key Risks As a % of promoter holding 0.0 As a % of total shares 0.0 ­Fluctuations in foreign exchange rates. ­Geographical concentration towards the Middle East. Share Price Chart (Indexed to 100)

Source: BSE, CRISIL Research

Competitive Position

Peer Comparison Atlas Jewellery India Goldiam International Shree Ganesh Jewellery House Swarnsarita Gems Limited Ltd. Limited Limited Mar­15 Mar­15 Mar­15 Mar­15 Revenue (Rs mn) 2,006 3,218 3,110 2,411 EBITDA margins (%) 2.9 8.9 47.8 2.4 PAT (Rs mn) 32 219 ­8,022 32 PAT margins (%) 1.6 6.8 ­258.0 1.3 Gearing (x) ­ 0.3 11.4 0.6 EPS (Rs/share) 0.3 8.8 ­111.6 1.5 PE (x) 266.1 2.5 n.m. 18.8 P/BV (x) 4.9 0.2 0.3 0.7 RoCE (%) 4.1 9.2 1.9 7.7 RoE (%) 2.6 8.3 n.m. 4.1 EV/EBITDA (x) 144.4 4.1 21.8 16.1

n.m: Not meaningful Source: Company, CRISIL Research

Financial Profile Financial Performance Mar­13 Mar­14 Mar­15 Revenue (Rs mn) 0 730 2,006 Revenue surged 175% to Rs 2,006 mn in 2014­15 from Rs 730 mn in 2013­14, Revenue growth (%) ­ ­ 174.9 due to growth in gold jewellery exports to the Middle East. EBITDA (Rs mn) 0 18 58 EBITDA growth (%) n.m. n.m. 227.5 EBITDA increased to Rs 58 mn in 2014­15, from Rs 18 mn in 2013­14, and EBITDA margins (%) ­ 2.4 2.9 EBITDA margin improved slightly to 2.9% from 2.4%. PAT (Rs mn) 0 16 32 PAT growth (%) n.m. n.m. 95.7 Driven by increase in EBITDA, PAT grew almost doubled to Rs. 32 mn in 2014­15 PAT margins (%) ­ 2.2 1.6 from Rs 16 mn in 2013­14. Gearing (x) ­ ­ ­ RoCE (%) ­ 4.7 4.1 RoE (%) ­ 4.3 2.6 Source: Company, CRISIL Research

Industry Outlook Gems and Jewellery

The size of the domestic gems and jewellery industry is estimated at Rs 4,904 billion as of 2014­15. It is highly fragmented and dominated by the unorganised sector. Over the years, the share of diamond jewellery has increased, as a rise in disposable income has made diamond­studded jewellery slightly more affordable. However, gold still constitutes over 85% of domestic consumption. In exports, players not only face competition from other local peers, but also from players in other countries.

Over the past three years, the industry has grown at about 3% CAGR, led by volumes, as gold prices have been falling (since 2013­14) due to declining investment demand. In 2015­16, domestic demand is expected to rise 6­8%, prompted by jewellery sales, whereas sales of gold bars and coins are expected to continue to lag. Exports are estimated to fall nearly 6% due to a steep decline in investment demand for gold and a fall in exports of cut and polished diamonds. However, a volume­led recovery in jewellery exports is likely to partially cushion the overall decline.

Exporters' margins are likely to recover in 2015­16, powered by declining rough diamond prices and reduction in gold jewellery round­tripping. A decline in gold prices will also boost margins. However, domestic players' margins will remain under pressure, as companies will have to increase their marketing spending, with gold prices falling consistently.

Annual Results Income statement Balance Sheet (Rs million) Mar­13 Mar­14 Mar­15 (Rs million) Mar­13 Mar­14 Mar­15 Net Sales 0 730 2,006 Equity share capital 43 550 1,007 Operating Income 0 730 2,006 Reserves and surplus ­25 177 705 Tangible net worth 18 728 1,712 EBITDA 0 18 58 Deferred tax liability:(asset) 0 0 ­1 EBITDA Margins (%) 0.0 2.4 2.9 Long­term debt 0 0 0 Short­term­debt 0 4 0 Depreciation 0 0 8 Total debt 0 4 0 Interest 0 0 3 Current liabilities 0 19 194 Other Income 0 0 0 Total provisions 0 0 2 Total liabilities 18 751 1,907 PBT 0 18 48 Gross block 0 0 67 PAT 0 16 32 Net fixed assets 0 0 138 Investments 0 0 0 PAT Margins (%) 0.0 2.2 1.6 Current assets 18 751 1,769 Receivables 0 723 1,405 No.of shares (mn no.) 101.0 101.0 101.0 Inventories 0 0 330 Cash 0 12 15 Earning per share (EPS) 0.2 0.3 Total assets 18 751 1,907

Cash flow Ratios (Rs million) Mar­13 Mar­14 Mar­15 Mar­13 Mar­14 Mar­15 Pre­tax Profit 0 18 48 Revenue growth (%) ­ ­ 174.9 Total tax paid 0 ­1 ­17 EBITDA growth (%) n.m. n.m. 227.5 Depreciation 0 0 8 PAT growth (%) n.m. n.m. 95.7 EBITDA margins (%) ­ 2.4 2.9 Change in working capital 3 ­702 ­838 Tax Rate (%) ­ 7.7 35.9 Cash flow from operating activities 3 ­685 ­799 PAT margins (%) ­ 2.2 1.6 Capital expenditure 0 0 ­146 Investments and others 0 0 0 Dividend payout (%) ­ ­ ­ Cash flow from investing activities 0 0 ­146 Dividend per share (Rs) ­ ­ ­ BV (Rs) 0.2 7.2 17.0 Equity raised/(repaid) 0 650 1,000 Return on Equity (%) ­ 4.3 2.6 Debt raised/(repaid) ­3 4 ­4 Return on Capital employed (%) ­ 4.7 4.1 Dividend (incl. tax) 0 0 0 Others (incl extraordinaries) ­1 43 ­47 Gearing (x) ­ ­ ­ Cash flow from financing activities ­4 697 949 Interest coverage (x) ­ 74.5 20.0 Debt/EBITDA (x) ­ 0.2 ­ Change in cash position ­1 12 4 Opening cash 0 0 12 Asset turnover (x) ­ 2066.3 59.1 Closing cash 0 12 15 Current ratio (x) ­4.4 39.9 9.0 n.m.: Not meaningful Gross current assets (days) 0 368 320 Source: Company, CRISIL Research

Quarterly Results

Profit and loss account QoQ YoY YTD YTD YoY (Rs million) Dec­14 Sep­15 Dec­15 Growth (%) Growth (%) Dec­14 Dec­15 Growth (%) No of Months 3 3 3 9 9 Revenue 17 48 22 ­54.1 29.4 1,757 119 ­93.2 EBITDA ­15 ­31 ­20 n.m. n.m. 66 ­72 n.m. Interest 1 0 0 ­ ­100.0 2 1 ­50.0 Depreciation 0 7 9 28.5 ­ 0 22 ­ PBT ­12 3 ­17 n.m. n.m. 69 ­18 n.m. PAT ­15 2 ­13 n.m. n.m. 39 ­14 n.m. Source: Company, CRISIL Research | n.m. : Not meaningful

Focus Tables Page 3 Initiative of the BSE Investors’ Protection Fund

Board of Directors SN Director Name Designation SN Director Name Designation 1 Dr. M M Ramachandran Chairman 5 Mr. Shrirang Vasant Khadilkar Independent Director Mr. Nanda Kumaran 2 Managing Director 6 Mr. Lukoo Sugunan M Independent Director Puthezhath 3 Mr. Sunil Pant Independent Director 7 Mrs. Indira Ramachandran Non Executive Director 4 Mr. Supratik Chatterjee Independent Director 8 Mr. Ajith K M Non Executive Director

Source: BSE, CRISIL Research.

List of non­promoter shareholders having more than 1% holding Contingent Liabilities Name of the Shareholder As on Dec­2015 (Rs million) As on Mar­2015 Al Mareija Precious Metal And Bullions(Fze) 12.4 Commitment on capital account 0 Al Layyah General Trading (Fze) 12.1 Guarantees for operations 0 Mankool General Trading (Fze) 12.0 Guarantees on behalf of Subsidiaries :affiliates 0 Al Juraina Precious Metals And Bullion (Fze) 9.6 Other Claims against the company not acknowledged 0 TOTAL 46.1 as debt Others 0 Source: BSE, CRISIL Research Total 0

Source: Company, CRISIL Research

Auditor's Qualification

The company's auditors have not reported any/major qualifications for the financial period under review.

Note

Financials have been reclassified as per CRISIL standards.

Analytical Contact

Bhaskar Bukrediwala ­ Associate Director, CRISIL Research Phone no: +91 22 33421983; Email ID: [email protected]

Disclaimer

This report (Report) has been prepared by Research Division of CRISIL Limited (“CRISIL”). By accessing the Report the user acknowledges and accepts the following: The Report is (i) based on publicly available information or from sources considered reliable by CRISIL (ii) not intended to and does not constitute an investment, legal, accounting or tax advice or any solicitation, whatsoever (iii) not an audit or due diligence nor a recommendation of any sort whether to hold, invest in or divest from any securities, instruments or facilities of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains (iv) not a substitute for the skill, judgment and experience of the user for making any decisions. CRISIL does not (i) guarantee the accuracy, completeness or adequacy of the Report (ii) undertake independent verification of any information included in the Report (iii) assume obligation to keep the Report under ongoing surveillance following publication in any form. Access or use of this Report does not create a client relationship between CRISIL and the user. Opinions, if any, are in good faith, as on the date of issue, and are subject to change without notice. CRISIL (including its affiliates, third party providers, its directors, officers, shareholders, employees or agents) DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall CRISIL be liable to any party for any claim, including without limitation, whether direct, indirect, incidental, punitive, special or consequential damages, costs, expenses or losses in connection with any use of the Report even if advised of the possibility of such damages. This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL. For information please contact 'Client Servicing' at +91­22­33423561, or via e­mail: [email protected].

© 2016 CRISIL Limited, all rights reserved. GICS Industry : Text., App. & Luxury Goods | Sub Industry : App., Acc. & Luxury Goods | Website : www.atlasjewelleryindia.com Atlas Jewellery India Limited Report Date: 30 Mar 2016

Key Stock Indicators

BSE Ticker : 514394 CMP as on 28 Mar 2016­Rs/share : 20.4 Shares outstanding (mn) : 100.7 Bloomberg Ticker : AJLI:IN 52 week range up to 28 Mar 2016 (Rs)(H/L) : 101.7/15.9 Free Float (%) : 48.7 Face value per share : 10.0 Market Cap as on 28 Mar 2016 (Rs mn) : 2,048 Average daily volumes (12 months) : 3,047 Div.Yield (%): 0.0 Enterprise Value as on 28 Mar 2016 (Rs mn) : 2,033 Beta : 1.0

Background Key Financial & Valuation Indicators

Incorporated in 1989, Atlas Jewellery India Limited (AJIL) is an exporter of gold jewellery and MAR­13 MAR­14 MAR­15 domestic retail trader of gold jewellery and other precious metal ornaments. The company Revenue (Rs mn) 0 730 2,006 exports its products to the Middle East. PAT (Rs mn) 0 16 32 EPS (Rs/share) 0.2 0.3 The group is promoted by Dr. M.M. Ramachandran. Formerly Gee El Woollens Limited, the PE (x) 173.4 266.1 company changed its name to Atlas Jewellery India Limited in August 2013. P/BV (x) 91.5 3.9 4.9 RoE (%) ­ 4.3 2.6 Its broad business areas include gold jewellery and diamond jewellery, with the former being EV/EBITDA (x) n.m. 157.3 144.4 the dominant segment. The company has showrooms in India, stores in the Gulf Cooperation Source: Company, CRISIL Research | n.m. : Not meaningful. Council (GCC), and an online platform as well, with exports providing ~95% of revenue. Stock Performance vis­a­vis Market Key Highlights Returns (%) YTD 1­m 3­m 12­m

New retail showrooms in South India Atlas Jewellery India ­77 2 16 ­75 Limited In 2015­16, the company has opened two retail showrooms at North Usman Road, Chennai, and Dispensary Road, Bengaluru, where demand for gold and jewellery items has been SENSEX ­12 9 ­4 ­11 traditionally high. 1) YTD returns are since Apr 1, 2015 to Mar 28, 2016. 2) 1­m, 3­m and 12­m returns are up to Mar 28, 2016 Showrooms in Bangalore and Mumbai Shareholding (As on December 31, 2015) In 2014­15, the company launched two showrooms in Bengaluru and Mumbai, in Phoenix City Market and Haware Infotech Park, respectively. Increase in paid­up capital The company has an authorised share capital of Rs 200 crores, and, in July 2014, it increased paid­up capital from Rs 50.65 crores to Rs 100.65 crores, with the promoter bringing in Rs 100 crores.

Pledged shares (As on December 31, 2015) Key Risks As a % of promoter holding 0.0 As a % of total shares 0.0 ­Fluctuations in foreign exchange rates. ­Geographical concentration towards the Middle East. Share Price Chart (Indexed to 100)

Source: BSE, CRISIL Research

Competitive Position

Peer Comparison Atlas Jewellery India Goldiam International Shree Ganesh Jewellery House Swarnsarita Gems Limited Ltd. Limited Limited Mar­15 Mar­15 Mar­15 Mar­15 Revenue (Rs mn) 2,006 3,218 3,110 2,411 EBITDA margins (%) 2.9 8.9 47.8 2.4 PAT (Rs mn) 32 219 ­8,022 32 PAT margins (%) 1.6 6.8 ­258.0 1.3 Gearing (x) ­ 0.3 11.4 0.6 EPS (Rs/share) 0.3 8.8 ­111.6 1.5 PE (x) 266.1 2.5 n.m. 18.8 P/BV (x) 4.9 0.2 0.3 0.7 RoCE (%) 4.1 9.2 1.9 7.7 RoE (%) 2.6 8.3 n.m. 4.1 EV/EBITDA (x) 144.4 4.1 21.8 16.1

n.m: Not meaningful Source: Company, CRISIL Research

Financial Profile Financial Performance Mar­13 Mar­14 Mar­15 Revenue (Rs mn) 0 730 2,006 Revenue surged 175% to Rs 2,006 mn in 2014­15 from Rs 730 mn in 2013­14, Revenue growth (%) ­ ­ 174.9 due to growth in gold jewellery exports to the Middle East. EBITDA (Rs mn) 0 18 58 EBITDA growth (%) n.m. n.m. 227.5 EBITDA increased to Rs 58 mn in 2014­15, from Rs 18 mn in 2013­14, and EBITDA margins (%) ­ 2.4 2.9 EBITDA margin improved slightly to 2.9% from 2.4%. PAT (Rs mn) 0 16 32 PAT growth (%) n.m. n.m. 95.7 Driven by increase in EBITDA, PAT grew almost doubled to Rs. 32 mn in 2014­15 PAT margins (%) ­ 2.2 1.6 from Rs 16 mn in 2013­14. Gearing (x) ­ ­ ­ RoCE (%) ­ 4.7 4.1 RoE (%) ­ 4.3 2.6 Source: Company, CRISIL Research

Industry Outlook Gems and Jewellery

The size of the domestic gems and jewellery industry is estimated at Rs 4,904 billion as of 2014­15. It is highly fragmented and dominated by the unorganised sector. Over the years, the share of diamond jewellery has increased, as a rise in disposable income has made diamond­studded jewellery slightly more affordable. However, gold still constitutes over 85% of domestic consumption. In exports, players not only face competition from other local peers, but also from players in other countries.

Over the past three years, the industry has grown at about 3% CAGR, led by volumes, as gold prices have been falling (since 2013­14) due to declining investment demand. In 2015­16, domestic demand is expected to rise 6­8%, prompted by jewellery sales, whereas sales of gold bars and coins are expected to continue to lag. Exports are estimated to fall nearly 6% due to a steep decline in investment demand for gold and a fall in exports of cut and polished diamonds. However, a volume­led recovery in jewellery exports is likely to partially cushion the overall decline.

Exporters' margins are likely to recover in 2015­16, powered by declining rough diamond prices and reduction in gold jewellery round­tripping. A decline in gold prices will also boost margins. However, domestic players' margins will remain under pressure, as companies will have to increase their marketing spending, with gold prices falling consistently.

Annual Results Income statement Balance Sheet (Rs million) Mar­13 Mar­14 Mar­15 (Rs million) Mar­13 Mar­14 Mar­15 Net Sales 0 730 2,006 Equity share capital 43 550 1,007 Operating Income 0 730 2,006 Reserves and surplus ­25 177 705 Tangible net worth 18 728 1,712 EBITDA 0 18 58 Deferred tax liability:(asset) 0 0 ­1 EBITDA Margins (%) 0.0 2.4 2.9 Long­term debt 0 0 0 Short­term­debt 0 4 0 Depreciation 0 0 8 Total debt 0 4 0 Interest 0 0 3 Current liabilities 0 19 194 Other Income 0 0 0 Total provisions 0 0 2 Total liabilities 18 751 1,907 PBT 0 18 48 Gross block 0 0 67 PAT 0 16 32 Net fixed assets 0 0 138 Investments 0 0 0 PAT Margins (%) 0.0 2.2 1.6 Current assets 18 751 1,769 Receivables 0 723 1,405 No.of shares (mn no.) 101.0 101.0 101.0 Inventories 0 0 330 Cash 0 12 15 Earning per share (EPS) 0.2 0.3 Total assets 18 751 1,907

Cash flow Ratios (Rs million) Mar­13 Mar­14 Mar­15 Mar­13 Mar­14 Mar­15 Pre­tax Profit 0 18 48 Revenue growth (%) ­ ­ 174.9 Total tax paid 0 ­1 ­17 EBITDA growth (%) n.m. n.m. 227.5 Depreciation 0 0 8 PAT growth (%) n.m. n.m. 95.7 EBITDA margins (%) ­ 2.4 2.9 Change in working capital 3 ­702 ­838 Tax Rate (%) ­ 7.7 35.9 Cash flow from operating activities 3 ­685 ­799 PAT margins (%) ­ 2.2 1.6 Capital expenditure 0 0 ­146 Investments and others 0 0 0 Dividend payout (%) ­ ­ ­ Cash flow from investing activities 0 0 ­146 Dividend per share (Rs) ­ ­ ­ BV (Rs) 0.2 7.2 17.0 Equity raised/(repaid) 0 650 1,000 Return on Equity (%) ­ 4.3 2.6 Debt raised/(repaid) ­3 4 ­4 Return on Capital employed (%) ­ 4.7 4.1 Dividend (incl. tax) 0 0 0 Others (incl extraordinaries) ­1 43 ­47 Gearing (x) ­ ­ ­ Cash flow from financing activities ­4 697 949 Interest coverage (x) ­ 74.5 20.0 Debt/EBITDA (x) ­ 0.2 ­ Change in cash position ­1 12 4 Opening cash 0 0 12 Asset turnover (x) ­ 2066.3 59.1 Closing cash 0 12 15 Current ratio (x) ­4.4 39.9 9.0 n.m.: Not meaningful Gross current assets (days) 0 368 320 Source: Company, CRISIL Research

Quarterly Results

Profit and loss account QoQ YoY YTD YTD YoY (Rs million) Dec­14 Sep­15 Dec­15 Growth (%) Growth (%) Dec­14 Dec­15 Growth (%) No of Months 3 3 3 9 9 Revenue 17 48 22 ­54.1 29.4 1,757 119 ­93.2 EBITDA ­15 ­31 ­20 n.m. n.m. 66 ­72 n.m. Interest 1 0 0 ­ ­100.0 2 1 ­50.0 Depreciation 0 7 9 28.5 ­ 0 22 ­ PBT ­12 3 ­17 n.m. n.m. 69 ­18 n.m. PAT ­15 2 ­13 n.m. n.m. 39 ­14 n.m. Source: Company, CRISIL Research | n.m. : Not meaningful

Focus Tables

Board of Directors SN Director Name Designation SN Director Name Designation 1 Dr. M M Ramachandran Chairman 5 Mr. Shrirang Vasant Khadilkar Independent Director Mr. Nanda Kumaran 2 Managing Director 6 Mr. Lukoo Sugunan M Independent Director Puthezhath 3 Mr. Sunil Pant Independent Director 7 Mrs. Indira Ramachandran Non Executive Director 4 Mr. Supratik Chatterjee Independent Director 8 Mr. Ajith K M Non Executive Director

Source: BSE, CRISIL Research.

List of non­promoter shareholders having more than 1% holding Contingent Liabilities Name of the Shareholder As on Dec­2015 (Rs million) As on Mar­2015 Al Mareija Precious Metal And Bullions(Fze) 12.4 Commitment on capital account 0 Al Layyah General Trading (Fze) 12.1 Guarantees for operations 0 Mankool General Trading (Fze) 12.0 Guarantees on behalf of Subsidiaries :affiliates 0 Al Juraina Precious Metals And Bullion (Fze) 9.6 Other Claims against the company not acknowledged 0 TOTAL 46.1 as debt Others 0 Source: BSE, CRISIL Research Total 0

Source: Company, CRISIL Research

Auditor's Qualification

The company's auditors have not reported any/major qualifications for the financial period under review.

Note

Financials have been reclassified as per CRISIL standards.

Analytical Contact

Bhaskar Bukrediwala ­ Associate Director, CRISIL Research Phone no: +91 22 33421983; Email ID: [email protected]

Disclaimer

This report (Report) has been prepared by Research Division of CRISIL Limited (“CRISIL”). By accessing the Report the user acknowledges and accepts the following: The Report is (i) based on publicly available information or from sources considered reliable by CRISIL (ii) not intended to and does not constitute an investment, legal, accounting or tax advice or any solicitation, whatsoever (iii) not an audit or due diligence nor a recommendation of any sort whether to hold, invest in or divest from any securities, instruments or facilities of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains (iv) not a substitute for the skill, judgment and experience of the user for making any decisions. CRISIL does not (i) guarantee the accuracy, completeness or adequacy of the Report (ii) undertake independent verification of any information included in the Report (iii) assume obligation to keep the Report under ongoing surveillance following publication in any form. Access or use of this Report does not create a client relationship between CRISIL and the user. Opinions, if any, are in good faith, as on the date of issue, and are subject to change without notice. CRISIL (including its affiliates, third party providers, its directors, officers, shareholders, employees or agents) DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall CRISIL be liable to any party for any claim, including without limitation, whether direct, indirect, incidental, punitive, special or consequential damages, costs, expenses or losses in connection with any use of the Report even if advised of the possibility of such damages. This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL. For information please contact 'Client Servicing' at +91­22­33423561, or via e­mail: [email protected].

© 2016 CRISIL Limited, all rights reserved.

Page 4 Initiative of the BSE Investors’ Protection Fund